Reforms on the agenda in the Gulf, Morocco’s budget

Reports this week suggest that Kuwait’s government will pursue public finance reforms to diversify revenues away from oil, but the reported measures appear to be small in the grand scheme of things. And they don’t seek to improve the poor business environment, which holds back the development of the non-oil economy. In contrast, Saudi Arabia’s updated Investment Law will provide a long-awaited improvement of the environment facing foreign investors. Elsewhere, Morocco’s draft 2025 budget reaffirmed the commitment to tight fiscal policy, but we still think growth will accelerate next year.